Latest “Wealth News” from Blevins Franks

Latest “Wealth News” from Blevins Franks

I’m grateful to Paul Montague of Blevins Franks for the following latest Wealth News which I’ve reproduced below with links.

It is surprising how many people pay tax in the wrong country…

  • Some people think they are not liable to taxes in Spain, when in fact they are.
  • Others believe they are resident in Spain when they are actually tax resident elsewhere.
  • Others may be trying to use the rules to their advantage but get it wrong.
  • With Brexit on the horizon, it has never been more important to get it right.

We can help, contact Blevins Franks on 922 716 079.

While most of us can only dream of earnings on the level of Colombian singer Shakira, this is a good example of the risks of getting your tax residence wrong. A cautionary tale – Shakira’s unexpected €20 million Spanish tax bill. read more

Registering as a resident in Spain and being tax resident are two separate issues. Those UK nationals who live or wish to live in Spain after Brexit must sort out their residence NOW, if they have not already done so. The UK and EU have agreed to maintain existing residency rights and benefits for citizens who are “lawfully residing” in the country at the Brexit cut-off date, currently scheduled for March 2019. The clock is ticking to lock-in benefits in Spain post-Brexit. read more

Deciding what to do with your pension may be one of the most important financial decisions you will ever make. It is crucial to take professional, regulated advice to establish the right solution to see you through retirement. This is especially the case given that a number of people have lost their life savings to pension scams or unregulated investments that fail. To protect pension savers, in certain circumstances the UK Financial Conduct Authority has made it a legal requirement to take regulated pensions advice before transferring funds. Blevins Franks Financial Management Ltd is authorised and regulated by the FCA and fully qualified to provide advice on UK pensions and overseas transfers. Currently there is a tax-free window for transferring or withdrawing UK pension funds. There is a chance this window might close after Brexit. Consider acting now under current rules. read more

Will a UK interest rate rise be good news for savers? – After the longest-ever run of low interest rates in the UK – nine years below 1% – there are signs that the wind may be changing. read more

HM Revenue & Customs powers to scrutinise unexplained wealth go live – This new power called unexplained wealth order (UWO), came into force on 31 January and requires individuals to explain the source of their assets. read more

Spanish succession tax and Brexit – how leaving the EU could increase tax for your heirs. read more

The new UK tax year starts from 6 April 2018. Are there changes to tax rules, rates and allowances that may affect Britons living in Spain? read more

London house prices are falling at the fastest pace since 2009. read more

On a lighter note:

Five people were detained over the theft of four tonnes of oranges. The occupants of the vehicle claimed to have “found them on the ground” and stated that they were for their own consumption. read more

And finally, a National Trust cream tea advert sparks outrage. Cornish locals said they were going to cancel their membership over the blunder!! Some claimed it was “horrifying” and “made them feel sick”. The trust apologised for the “heinous mistake”. Was this all a storm in a teacup? How do you have your cream tea? read more

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